NZD/USD falls near 0.5800 despite softer US data
The New Zealand Dollar finished as one of the weakest majors on Monday, despite a risk-on session that saw global equities rise and Crude Oil tumble.
The NZD/USD spiked to a session high above 0.5850 in early European hours, but then steadily leaked lower to close near 0.5800.
The US numbers provided an excuse for the Kiwi to climb, with the New York Federal Reserve’s Empire State manufacturing survey collapsing to 5.7, far below the 14 expected, and Industrial Production rising a limp 0.1% MoM against a 0.3% consensus.
The domestic backdrop did not help, with the Business NZ Performance of Services Index slipping to 47.5, marking a deeper services contraction.